Rebuilding Your Credit

[BassGS11]

I know that noone can guess a score increase, but I would like some estimations please. Here is my current situation. Seven old medical collections from over four years ago. One judgement from six years ago. 9 student loans that have been reporting for the past couple years always on time. Two credit cards currently. One has a 30 day late from 4 months ago. The other one has always been on time. CC 1, 800 on it 900 limit. CC 2, 200 on it 250 Limit. Current score is 560. Guess score changes for the following (if any)

a) card company has agreed to erase 30 day late from four months ago.

b) i pay the cards down to like 5% utilization

c) i have to pay off the judgement to qualify for my FHA loan.

Any guesses??? Thanks!!!!!!!!!!!!!!!!!!!!!!

[hoping2rebuild]

Have you tried the score simulator?

[BassGS11]

no i havent, i didnt know thats what people used for this.

[hoping2rebuild]

I put in my transunion score and this simulation:

"This simulation was based on your paying down 90%-100% of your overall credit card balances over a period of 24 months. In general, your score will be helped as your credit history lengthens and you establish FICO® healthy behavior. So this score simulation took into account both your lower balances and the aging of your credit history."

and it has shown a 200 pt increase over a 24 month period of time

[llecs]

If that late is your only late, then I'd say 35-45 points.

Utilization - maybe 30 points. I would guess more of an increase if you had another CC reporting. However, it is possible you'd get an increase by adding 1 more CC (aside from the utilization).

Judgment - only a guess, but I'd say less than 10 points if not removed, but paid.

[BassGS11]

okay, if you are anywhere near right i will be happy. I just need to find a way to get it to 600 so i dont get murdered by my mortgage loan.

[fused]

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BassGS11 wrote:

I know that noone can guess a score increase, but I would like some estimations please. Here is my current situation. Seven old medical collections from over four years ago. One judgement from six years ago. 9 student loans that have been reporting for the past couple years always on time. Two credit cards currently. One has a 30 day late from 4 months ago. The other one has always been on time. CC 1, 800 on it 900 limit. CC 2, 200 on it 250 Limit. Current score is 560. Guess score changes for the following (if any)

a) card company has agreed to erase 30 day late from four months ago.

b) i pay the cards down to like 5% utilization

c) i have to pay off the judgement to qualify for my FHA loan.

Any guesses??? Thanks!!!!!!!!!!!!!!!!!!!!!!

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a.) should help some since it's recent

b.) this will give you the most points back

c.) paying a public record or collection will not improve your FICOs

My guess is a sizable increase in points...I would not be surprised if you score improves to 620-640

[UpUpUp]

I'll play.  I'd guess that if all 3 things you mentioned are done, you'll end up somewhere between 610-630.

Editing my guess since Fused mentioned paying off judgement won't affect socres. Didn't realize that they were not factored into utilization.

Message Edited by UpUpUp on 08-11-2008 10:39 PM

[BassGS11]

well, heres hoping for atleast 600, but 620 would be even crazy better. i will let everyone know what the change is

[fused]

C.) paying the PR will not help his scores unless it's deleted